Unclaimed Property – What it is and what to do with it

Unclaimed property is a very misunderstood function of the business financial process. The most common response by staff is “We don’t have any”, or “We have it, but we just don’t file it”. Both of those responses are Wrong! Wrong! Wrong!

One misunderstanding by management is that unclaimed property is a tax. Nope! But you do have to file it like a tax, at least once a year, sometimes two. Tax and/or Accounts Payable departments are burdened with the filing tax and usually get no training. Unclaimed property filing is just not seen as major business responsibility, so why waste the time and money on training?! Fines and penalties for not filing will be discussed.

Payroll may be the largest amount of unclaimed property that is reported. This session will cover regulations and filing procedures that will help payroll professionals know what to look for and the type of information that they need to correctly provide information to the department that does handle the filing. Sometimes that is payroll. Sometimes it is no one at all, and that must change!

Unclaimed property reporting is the third largest source of revenue for the state of Delaware. Why is that, and what is going on with all of the lawsuits against Delaware by business and states. How much money is reported to states each year and how is it found? We will cover the financial aspects of the reporting from the states’ perspective and how you can search for money that may be waiting for you to collect.

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